Oil prices dropped on Wednesday, snapping a five-session winning streak, as oversupply concerns outweighed optimism over economies reopening.
West Texas Intermediate, the U.S. benchmark, shed 5.7%, or $1.40, to trade at $23.16 per barrel. In a volatile session, the contract swung between a gain of more than 6% at the high — climbing to $26.08 — and a more than 8% loss, hitting a session low of $22.58 per barrel. On Tuesday the contract soared 20.45%.
